Economy, Exports and Imports
The currency of the Faroe Islands is the Føroyska krónan. However, as it is not an independent currency, Faroese bank notes are Danish bank notes that feature Faroese motives. There are no Faroese coins.

The National Budget
In 2008 the Gross National Product (GNP) of the Faroe Islands was DKK 12.4 billion. The block grant from Denmark was DKK 616 million in 2007.
The total export figures for 2008 amounted to around DKK 4.3 billion, and the import figures to around DKK 5 billion.

Exports
The export figures are dominated by the most important business, the fishing industry, which amounted to around 82% in 2008 or DKK 4.2 billion of total exports.
Salmon accounted for the bulk of exports, approximately 23% or DKK 816 million. Other financially important fish products include cod products, approximately 17% or DKK 604 million; saithe products, approximately 13.9% or DKK 494 million; mackerel 4.9% or DKK 174 million; and haddock 4.8% or DKK 171 million. Numerous other fish and fish products made up the remaining 36.3%.

Export of fishing vessels in 2008 amounted to around DKK 604 million, and export of other goods amounted to around DKK 177 million.
Over the years the United Kingdom has been the largest customer, with imports – mainly fish products – of approximately 20% or DKK 874 million in 2008. Norway is the second-largest importer with a total of around 15.5% or DKK 673 million, and Denmark imports around 12% or DKK 521 million. Other major importers include France 7.9%, Spain 7.4%, Germany 6.2%, Italy 2.7%, Russia 2.5%, Japan 2.4%, and Chile 2.4%.

Imports
Since there is no large-scale industry on the Faroe Islands, except the fishing industry, the islands are highly dependent on outside supplies. This includes import of energy products, such as oil, which amounted to around DKK 2 billion in 2008. Various types of vehicles, machinery, etc. had a value of close to DKK 2.6 billion in 2008.

The Faroe Islands may be a major exporter of foods, but these foods are restricted to fish products. The islands' stock of domestic animals, mainly sheep, cannot meet demand, which results in a major import of food and agricultural products.